Residential property prices in Mumbai have increased steadily after the correction seen post the Lehman debacle. In the period from the second quarter of 2009 to the same quarter in 2013, residential real estate prices in Mumbai have increased by 66%.
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SEZs Reforms A Boon To Real Estate
With immediate effect, the minimum built-up area requirements to be met by SEZ developers will be 100,000 square meters for the seven major cities, 50,000 square meters for Category B cities and only 25,000 square meters for the remaining cities.
Mumbai Office Real Estate Market – 2012 Analysis And 2013 Predictions
Given the typical time-lag between an upturn in economic fortunes and leasing market activity, a full-fledged recovery in the leasing volumes of Mumbai’s office property market in early 2013 seems unlikely. Heading into 2013, doubts over future economic conditions may continue to dampen corporate demand.
Increased Ready Reckoner Rates Will Hurt Housing Demand
Over the last six months, the housing market in Mumbai had started showing signs of revival after an 18-month period of sluggishness beginning in the 4th quarter of 2010. The hiked Ready Reckoner rates could dampen that revival.
Real Estate Capital Markets Predictions for 2013
As before, developers with longer operating history such as Oberoi, Shobha and Prestige who have managed growth effectively over the years and predictability of income will find it easier to raise funds in 2013. It is unlikely that any major player will venture out nationally, with the accent for 2013 remaining firmly on local expansion.
